By Aaron Pan
Dec. 14 (Bloomberg) -- Citic Pacific Ltd., a unit of China’s biggest state-owned investment company, denied a report that Hong Kong police are investigating possible criminal liability in connection to losses from unauthorized currency bets.
The Sunday Morning Post reported today, citing an unidentified person close to the matter, that police are investigating possible fraud and the reasons for a six-week delay in disclosing the losses.
Hong Kong-based Citic Pacific said in October that wrong-way bets on the Australian dollar may cost it about $2.2 billion, the biggest currency trading loss by a China-backed company.
“Neither the company nor management have been approached by the police in connection with these matters,” Tim Payne, a employee of Brunswick Group Ltd., engaged by Citic Pacific to speak on its behalf, said in a phone interview today.
Anita Chow, a Hong Kong police spokeswoman, said the force doesn’t comment on individual cases. “We maintain close communication with financial monitoring organizations,” Chow said in a phone interview today.
To contact the reporter on this story: Aaron Pan in Hong Kong at Apan8@bloomberg.net
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